Monopolies -- United States; Railroads and state -- United States
These remarks of Chief Justice Marshall were made in a case in which it
became necessary to determine whether a certain act of the legislature
of Georgia was within the constitutional prohibition against impairing
the obligation of contracts. And they assert fundamental principles of
society and government in which that prohibition had its origin. They
apply with great force to the construction of the constitution of the
United States. In like manner and spirit Mr. Justice Chase had
previously declared that "an act of the legislature contrary to the
great first principles of the social compact cannot be considered a
rightful exercise of legislative authority." Among such acts he
instances "a law that destroys or impairs the lawful private contracts
of citizens." Can we be mistaken in saying that such a law is contrary
to the spirit of a constitution ordained to establish justice? Can we be
mistaken in thinking that if Marshall and Story were here to pronounce
judgment in this case they would declare the legal tender clause now in
question to be prohibited by and inconsistent with the letter and spirit
of the constitution?
It is unnecessary to say that we reject wholly the doctrine, advanced
for the first time, we believe, in this court, by the present majority,
that the legislature has any "powers under the constitution which grow
out of the aggregate of powers conferred upon the government, or out of
the sovereignty instituted by it." If this proposition be admitted, and
it be also admitted that the legislature is the sole judge of the
necessity for the exercise of such powers, the government becomes
practically absolute and unlimited.
Our observations thus far have been directed to the question of the
constitutionality of the legal tender clause and its operation upon
contracts made before the passage of the law. We shall now consider
whether it be constitutional in its application to contracts made after
its passage. In other words, whether congress has power to make anything
but coin a legal tender.
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